I am one month into the sale of my home in Kington and the EA has just called to say that the purchasers are swapping property lawyer. I am told that this is due to the fact that the lender will only engage with solicitors on their approved list. Why would a leading lender only work with certain lawyers rather the firm that they want to choose for their conveyancing in Kington ?
Mortgage companies have always had panels of law firms that can represent them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions blame a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any impact on this.
We're in Kington, First timers purchasing with a mortgage (lender is Leeds Building Society , and our solicitor is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Do commercial conveyancing searches reveal planned roadworks that could impact a commercial premises in Kington?
Its becoming the norm that commercial conveyancing solicitors in Kington will perform a SiteSolutions Highways report as it reduces the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Kington. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Kington.
For each commercial conveyancing transaction in Kington it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may cause delays to Kington commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Kington.
I have recentlybecome aware that Stirling Law have been shut down. They conducted my conveyancing in Kington for a purchase of a leasehold flat 18 months ago. How can I be sure that my home is in my name in the name of the previous owner?
The quickest way to see if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Kington conveyancing specialists.
I am a fortnight into a residential purchase having been referred to a firm by the estate agent to execute conveyancing in Kington. We are not happy. Can you you assist me in finding new conveyancers?
A solicitor would need to be very poor to suggest replacing them. Has your mortgage been generated? If so you must inform them of the replacement lawyer and get the loan are re-issued. Your new solicitor ideally should be on the banks approved list to avoid added expenses and delays. That should be your starting point. The find a solicitor tool will help you find a bank approved solicitor for your conveyancing in Kington
What are the common problems that you come across in leases for Kington properties?
There is nothing unique about leasehold conveyancing in Kington. All leases are individual and legal mistakes in the legal wording can result in certain sections are missing. The following missing provisions could result in a defective lease:
Service charge per centages that don't add up correctly leaving a shortfall A provision for the recovery of money spent for the benefit of another party.
You could have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Leeds Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to pull out.
I inherited a ground floor flat in Kington, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Kington with over 90 years remaining are worth £265,000. The ground rent is £50 invoiced annually. The lease runs out on 21st October 2098
With only 76 years remaining on your lease we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.